Paris (Reuters) -Credit Agricole Its drop in the stock market Wednesday after reporting online results with analysts’ expectations for the first quarter of 2025 despite the weight of the exceptional surcharge of corporate tax.
The Crédit Agricole title lost 3.2% at 16.7 euros around 7:40 a.m. GMT while the CAC 40 earned at the same time 0.26%.
The second French bank in terms of market capitalization published a net result of the group dropped by 4.2% over a year of 1.82 billion euros, rather online with the consensus of analysts compiled by the group which appeared at 1.86 billion euros.
The net banking product (PNB) increased by 6.6% over one year to a record of 7.26 billion euros, online with the consensus of analysts at 7.12 billion euros.
Barclays analysts spoke in a note published on Friday morning that the performance of the divisions was “mixed”, judging that the costs larger than expected should weigh on the course of action.
Crédit Agricole SA specified that the tax burden is up 35.5% over one year to 827 million euros, citing a cost of 123 million euros in the first quarter of the exceptional surcharge on the corporate tax passed in the finance bill for 2025 for a total cost estimated at 200 million euros in 2025.
The PNB of the financing and investment bank is up 7.3% over one year to a higher historical high of 1.89 billion euros while the group’s net profit drops from 0.5% to 648 million euros, engaged by the exceptional tax but also an increase of 7.5% of operating expenses at 992 million euros.
In total, the PNB of the large clienteles pole is up 6.3% to 2.41 billion euros for a net profit from the stable group at 723 million euros.
The savings and insurance management center has an PNB up 15% over one year to 2.06 billion euros for a result before tax up 8.2% to 1.14 billion euros. The group’s net profit is down 5% to 680 million euros.
The local bank in France sees its PNB grow from 1% to 963 million euros but the net margin of interest drops by 1.7%. The group share of the group finally released up to 25.6% over one year to 129 million euros, grew by exceptional surcharge.
(Written by Bertrand de Meyer, with Mathieu Rosemain, edited by Kate Entringer and Augustin Turpin)
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